DGAP-News: H&R GmbH & Co. KGaA / Key word(s): Final Results/Miscellaneous
21.03.2017 / 06:59
The issuer is solely responsible for the content of this announcement.
H&R GmbH & Co. KGaA publishes 2016 Annual Report
– EBITDA of EUR 101.4 million is second-highest in company’s history
– Significant improvement in cash flow and equity
– High demand and good sales volumes throughout entire year
– Restructuring in Plastics segment paid off with positive net result
Salzbergen, 21 March 2017. H&R GmbH & Co. KGaA (H&R KGaA; ISIN DE0007757007) achieved operating income (EBITDA) of EUR 101.4 million in financial year 2016 (2015: EUR 85.4 million). The change in EBIT was also quite positive; it rose by EUR 15.5 million to EUR 64.2 million (2015: EUR 48.7 million). Earnings before taxes (EBT) followed a similar trend, increasing by EUR 20.0 million from EUR 34.2 million in 2015 to EUR 54.2 million in the year under review. Net profit to shareholders totaled EUR 38.4 million (2015: EUR 26.9 million), an increase of EUR 11.5 million over the prior-year result. Earnings per share stood at EUR 1.07 (2015: EUR 0.75).
The substantial increase in earnings was generated on EUR 942.7 million of sales revenues, which were 4% lower than in the previous year (2015: EUR 982.9 million). The trend of decreasing sales revenues caused by the lower price of crude oil slowed considerably in 2016. Primary product sales volumes increased to around 849,000 tons thanks to strong customer demand (2015: 762,000 tons).
All segments made positive contributions to earnings
Thanks to the EBITDA from its Refining and Sales segments, the Chemical-Pharmaceutical Raw Materials division’s contribution to Group EBITDA increased quite significantly from EUR 87.8 million in 2015 to EUR 103.9 million in 2016. Through strict cost controls, adjustments to the customer portfolio and stronger emphasis on canvassing for new business, the Plastics division also experienced a strong recovery, achieving not only an improvement in EBITDA from EUR -0.8 million in 2015 to EUR 2.6 million in 2016, but also a small net positive figure.
Cash flow increases significantly
Operating cash flow increased significantly (by EUR 19.1 million), from EUR 56.4 million to EUR 75.5 million. Despite higher capital expenditures (which increased from EUR 28.1 million to EUR 38.8 million), free cash flow improved from EUR 28.4 million to EUR 36.7 million, reflecting the company’s substantial recovery. As of the end of financial year 2016, total assets had increased to EUR 648.2 million (31/12/2015: EUR 628.8 million). The Company’s shareholders’ equity stood at EUR 317.4 million as of the balance-sheet date (31/12/2015: EUR 285.4 million). These changes were directly attributable to the higher level of retained earnings due to the improvement in consolidated net income. The equity ratio was 49.0% (31/12/2015: 45.4%).
Outlook for 2017
The company considers the operating results of the past two financial years to be the cornerstones of this year’s EBITDA, which should build on the foundations of 2015 while aiming at the level achieved in 2016.
For a detailed description of the business trend, please consult the Annual Report published today, which is available for download in PDF format at our website, www.hur.com.
Key Figures for H&R KGaA:
IN EUR MILLION |
2016 |
2015 |
– / + |
|
|
|
|
Sales revenues |
942.7 |
982.9 |
-40.2 |
Operating result (EBITDA) |
101.4 |
85.4 |
16.0 |
As % of sales |
10.8 |
8.7 |
2.1 |
EBIT |
64.2 |
48.7 |
15.5 |
Earnings before taxes |
54.2 |
34.2 |
20.0 |
Consolidated earnings (before minority interests) |
39.3 |
26.8 |
12.5 |
Consolidated earnings (after minority interests) |
38.4 |
26.9 |
11.5 |
Consolidated earnings per share (EUR) |
1.07 |
0.75 |
0.32 |
Operating cash flow |
75.5 |
56.4 |
19.1 |
Free cash flow |
36.7 |
28.4 |
8.3 |
|
|
|
|
|
31/12/16 |
31/12/15 |
– / + |
Balance sheet total |
648.2 |
628.8 |
19.4 |
Group equity |
317.4 |
285.4 |
32.0 |
Equity ratio (%) |
49.0 |
45.4 |
3.6 |
Number of employees (absolute) |
1,628 |
1,568 |
60 |
The Segments in Figures
IN EUR MILLION |
2016 |
2015 |
– / + |
|
|
|
|
Sales revenues |
|
|
|
Chem-Pharm Raw Materials Refining |
567.2 |
614.3 |
-47.1 |
Chem-Pharm Raw Materials Sales |
328.0 |
320.2 |
7.8 |
Plastics |
56.5 |
60.1 |
-3.6 |
Reconciliation |
-9.1 |
-11.6 |
2.5 |
|
|
|
|
EBITDA |
|
|
|
Chem-Pharm Raw Materials Refining |
64.5 |
52.7 |
11.8 |
Chem-Pharm Raw Materials Sales |
39.4 |
35.1 |
4.3 |
Plastics |
2.6 |
-0.8 |
3.4 |
Reconciliation |
-5.1 |
-1.5 |
-3.6 |
Contact information:
H&R GmbH & Co. KGaA, Head of Investor Relations/Communications, Ties Kaiser
Neuenkirchener Strasse 8, 48499 Salzbergen
Tel.: +49 40 43218-321, Fax: +49 40 43218-390
e-mail: ties.kaiser@hur.com
www.hur.com
H&R KGaA:
H&R KGaA is a specialty-chemicals company listed on the Frankfurt Stock Exchange’s Prime Standard segment. It develops and manufactures crude-oil-based chemical and pharmaceutical specialty products and produces high-precision plastic parts.
Forward-looking statements and forecasts:
This press release contains forward-looking statements. The statements are based on the current estimates and forecasts by the Executive Board and the information available to the Board at this time. These forward-looking statements do not provide any warranty for the future developments and results contained therein. The future developments and results are dependent on a number of factors; they entail various risks and contingencies and are based on assumptions which could prove to be incorrect. We do not assume any responsibility for updating the forward-looking statements contained in this press release.
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